How Much Coverage Should You Get For Renters Insurance?
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaAn adequate renter’s policy would have the highest liability limit that an insurance company will write. A lawsuit can bankrupt most people. The value of personal property is the other limit that you must select. I recommend that you take photos of every wall in your home making sure you have a record of every item of property. Review the photos, list the items and estimate the cost to replace them. The sum of that exercise will give you the personal property limit that you will need.Answered on July 30, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! The amount of renters insurance you will need will depend upon the value of what your belongings are, for the most part. The best way to determine that is to see if the company has a value calculator, that will give you a solid idea. If they don't, then estimate based off of receipts and comparable items. Remember to price everything from mops to garbage cans, because if there were a fire, you'd have to replace them too, right? Keep your list in a safe place, and include pictures or serial and model numbers of everything electronic. I hope that helps, thanks for asking!Answered on July 30, 2014flag this answer
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